Forget what you think you know about AI. With AI, we’re not simply talking about automation replacing workers. This is a massive, almost untapped, opportunity that’s poised to revolutionise the global economy, especially in emerging markets like Africa. This is happening right now. There’s so much potential in what we call “hidden markets,” basically, all the needs that aren’t being met, the people who are being left behind, and the products and services that should exist but don’t.
The thing is, there’s enormous opportunity hiding in these “hidden markets,” areas where people’s needs aren’t being addressed. In Africa, this could mean better access to healthcare in rural areas, more efficient financial management for smallholder farmers, or innovative solutions to challenges like access to clean water or reliable energy. These needs represent significant business opportunities, often hidden because the market hasn’t been effectively developed. Why? Because until recently, we lacked the tools to identify these needs at scale, understand their scope, and create effective and accessible solutions. We lacked the tools to connect the dots.
Now we have AI. This is a paradigm shift, a complete transformation. It has opened the door to a whole new world of business, a place filled with untapped resources, uncharted territories, and boundless potential. AI is a new lens, a new way of understanding, and a new way of doing business. It empowers us to analyse massive datasets, uncover hidden patterns, and develop solutions previously beyond our reach.
The $4 trillion question (And why it’s probably even bigger)
Experts predict significant economic boosts from AI. Look at Google, for example. All the stuff they do (search, YouTube, cloud computing) didn’t even exist as markets 30 years ago. They created entirely new ways for people to find information, watch videos, and store data. eBay transformed the traditional flea market into a global online marketplace. Amazon built the “everything store,” revolutionising retail. Uber created a new system for on-demand transportation and reshaped urban mobility. These were disruptive innovations, birthing entirely new markets.
Read also: Nigeria taps artificial intelligence to accelerate growth
Connecting people and ideas in new ways in Africa
What’s the magic behind creating these new markets? Two key principles:
The first key is removing all the roadblocks that used to make it hard for buyers and sellers to connect. It’s hard to imagine now, but before M-Pesa, accessing financial services in rural Kenya was a completely different story. It was often difficult and costly. M-Pesa, a mobile money platform, revolutionised financial inclusion by enabling millions to access financial services through their mobile phones. This is a prime example of technology facilitating connections and removing barriers. In Nigeria, companies are using AI-powered platforms to connect farmers directly with buyers, cutting out middlemen and increasing incomes.
The second key is innovating by combining existing technologies in fresh ways. Uber didn’t invent mobile phones, GPS, or online payments; they combined them into a seamless platform. Similarly, in Africa, we see applications of AI in combining satellite imagery with machine learning to predict crop yields, enabling farmers to make better decisions. In South Africa, AI is being used in telemedicine to provide remote consultations to patients in underserved areas, leveraging existing mobile networks.
AI is the perfect tool for this.
The power of language and local innovation
AI is learning to understand and talk like us. Chatbots are becoming increasingly common, AI-powered educational tools are transforming learning, and AI is even refining online search, enabling more precise queries. Importantly, this includes the development of natural language processing (NLP) tools for African languages, enabling wider access to information and services.
This focus on local innovation is critical. We need to develop indigenous AI solutions tailored to specific African needs. This includes developing AI applications for local languages, addressing unique challenges in agriculture or healthcare, and leveraging local knowledge and expertise.
Addressing Africa’s challenges and the need for collaboration
Although the potential is immense, we must acknowledge and address Africa’s unique challenges—the digital divide, infrastructure gaps, skills shortages, data availability and quality, and the need for appropriate regulatory frameworks. We need to invest in digital infrastructure, promote digital literacy, develop AI training programs, and create supportive policies.
Collaboration is key. African businesses, governments, research institutions, technology companies, and development organisations must work together to drive AI adoption and development. This includes fostering partnerships with international partners to access expertise and resources.
Success or missed opportunity?
The potential is transformative. But it requires proactive engagement, strategic planning, and a clear vision. This is bigger than simply new gadgets and software; it’s about fundamentally changing how we do business and live our lives. Are we ready to seize this opportunity?
“The future is being written. Will you be a part of it?”
Ota Akhigbe is the Director of Partnerships and Programmes at eHealth Africa, a leading organization driving social impact across the continent. With extensive experience in healthcare, non-profit, and technology sectors, she is passionate about leveraging innovation, particularly AI, to create positive change and empower communities across Africa.
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